Question

£350 invested in £10.50 interest each year . Find the amount which when invested will bring in £45 each year .

Answer 1

Answer:

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Step-by-step explanation:

7.3 years

In reality, a 10% investment will take 7.3 years to double ((1.107.3 = 2). The Rule of 72 is reasonably accurate for low rates of return.

Answer 2

Answer:

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1. The interest £I payable after one year years at rate r% per annum is given by the formula. I r. P. = ×. 100 and the total amount owing can then be calculated by adding I to P. Worked Example 1. Natasha invests £250